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FOR IMMEDIATE RELEASE
DATE: October 4, 2013
CONTACT: Mark Jeske, Investor Relations
PHONE: (303) 467-5236
ARC GROUP WORLDWIDE, INC. REPORTS FOURTH QUARTER NET INCOME OF $1.6 MILLION AND $3.0 MILLION FOR THE FULL FISCAL YEAR ENDED JUNE 30, 2013
Fourth Quarter June 30, 2013 and Full Fiscal Year Highlights
- Fourth quarter reported Net Revenues grew 153.7% over fourth quarter of the prior year. Full fiscal year reported Net Revenues grew 125.3% over prior year results.
- Fourth quarter Adjusted Earnings of $1.7 million and full fiscal year Adjusted Earnings of $4.7 million. Fourth quarter Adjusted EPS was $0.30 and full fiscal year Adjusted EPS was $0.85
- Full-year Adjusted EBITDA of $10.1 million
- Full fiscal year Cash Flow Provided by Operating Activities was up $7.4 million
- Bank Debt issued in connection with recent acquisition pay down of 35%
DELAND, FLORIDA, October 4, 2013 — ARC Group Worldwide, Inc. (NASDAQ Capital Market: ARCW; “ARC”) ARC Group Worldwide, Inc. (“ARC” or “the Company”) reported today fourth quarter 2013 net income of $1.6 million and $3.0 million for fiscal year ending June 30, 2013. The fourth quarter and full year results are driven by improved performance in all of our manufacturing operations and higher sales revenue resulting from the reverse acquisition between ARC and Quadrant Metals Technologies (QMT) and the acquisition of Advanced Forming Technologies, Inc. (AFT) and AFT-Hungary Kft., (AFT-H). ARC also reported adjusted earnings per share (Adjusted EPS) of $0.30 for the fourth quarter 2013 and $0.85 for the fiscal year ending June 30, 2013.
For the fiscal year ending June 30, 2013, the Company’s total sales were $68.5 million, growth of 125.3%, or $38.1 million, over $30.4 million in fiscal year 2012. Sales for the fourth quarter ending June 30, 2013 amounted to $19.5 million compared to $7.7 million in the prior year fourth quarter an increase of 153.7% or $11.8 million.
Growth in the precision components segment of the Company’s business has been driven by increased demand for components manufactured by the Company’s three metal injection molding (“MIM”) businesses. These three companies, FloMet LLC, AFT, and AFT-H are the pioneers and recognized technological leaders in the industry. MIM is a cost effective method of producing high volume precision metal components and is gaining increasing adoption throughout industries such as medical devices, automotive, consumer durables, defense and firearms. The MIM businesses have had a positive impact on the Company’s sales and we anticipate sales to continue to increase as the market demand for components increases. The Company’s continuous improvement focus and strategic investments in technologically advanced capital equipment, like robotics and automation, have allowed it to increase efficiencies and reduce costs while also significantly increasing available capacity for growing demand. The Company reported 27% gross margins for the fiscal year ending June 30, 2013 and 28% in the fourth quarter 2013.
Commenting on the recent MIM performance, Robert Marten, CEO of the QMT-MIM division stated “We now unequivocally have the world leader in MIM and have integrated our three MIM factories into a world class, global MIM operation. We are focused on continuing to provide exceptional product quality and service to our customers, as well as further strengthening our position in the MIM industry by growing our existing operations, vertically integrating and opportunistically evaluating acquisitions”.
The following information was filed by Arc Group Worldwide, Inc. (ARCW) on Friday, October 4, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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